India's top court said Monday that the government's surprise decision in 2016 to demonetize high-value bills was legal and taken after consultation with India's central bank.
FILE- An Indian woman shows discontinued Indian currency notes and copy of photo identity card as she stands in queue outside Reserve Bank of India to deposit and exchange them in Ahmedabad, India, Nov. 17, 2016. In November 2016, India withdrew all 500-rupee and 1,000-rupee from circulation, in an effort to tackle corruption, black money and tax evasion. India’s top court hearing petitions challenging the currency ban on Monday, Jan.2.
The five-judge constitution bench was hearing petitions challenging the currency ban that rendered 86% of India’s currency invalid without warning. They contended that the move was not a considered decision of the government and should be struck down by the court.
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